What is meant by an economy? What are its different types? - Vidyadip

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What is meant by an economy? What are its different types?

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How is a seller under perfect competition a price taker and not a price maker? What is the relevance of the characteristic that there are 'large number of sellers' in this context?

Give the meaning of mailing questionnaire method. State the merits and demerits of mailing questionnaire method of collecting data.

Differentiate between Economics as a positive and as a normative Science.

Explain the role of the agencies involved in the collection of data.

Find out the arithmetic mean using the step deviation method.

Item	Frequency
More than 0	28
More than 10	24
More than 20	14
More than 30	4

Hint: In the above problem, cumulative frequencies are given. Firstly, it will be changed into exclusive class interval and thereafter we will calculate arithmetic mean using the step deviation method.

Define statistical average. Discuss the properties that an ideal statistical average should possess.

Mailing questionnaire and schedule filled by enumerators are suitable for certain specific cases. Enumerate those cases.

Prove that the algebraic sum of deviations of a given set of observations from their mean is zero. Give an example also.

Read the following hypothetical information carefully and answer the questions 1-6 on the basis of the same:

Output (Units)	Price (₹)	Total Revenue (₹)	Marginal Revenue (₹)
1	10	10	10
2	-	18	8
3	8	24	-
4	7	-	4

1. At 2nd unit of output sold, average revenue will be ____________. (Fill up the blank with correct alternative)
(a) 4
(b) 9
(c) 16
(d) 36

2. At 3rd unit of output sold, marginal revenue will be ____________. (Fill up the blank with correct alternative)
(a) 4
(b) 6
(c) 16
(d) 24

3. Which concept of revenue is called price? (Choose the correct alternative)
(a) Total revenue
(b) Average revenue
(c) Marginal revenue
(d) None of these

4. Identify the correct formula to calculate Marginal Revenue. (Choose the correct alternative)
(a) $MR _{ n }= TR _{ n }- TR _{ n -1}$
(b) $MR =\frac{ TR }{ Q }$
(c) $MR =\frac{\Delta TR }{\Delta Q }$
(d) Both (a) and (c)

5. Read the following statements carefully and choose the correct alternative among those given below:
Statement 1: AR is the rate at which output is sold.
Statement 2: When MR is zero, TR is also zero.
Alternatives:
(a) Both the statements are true
(b) Both the statements are false
(c) Statement 1 is true and Statement 2 is false
(d) Statement 2 is true and Statement 1 is false

6. At 4th unit of output sold, total revenue will be ____________. (Fill up the blank with correct alternative)
(a) 3
(b) 11
(c) 28
(d) 32

Find median of the following distribution.

Age	0-10	10-20	20-30	30-40	40-50	50-60	60-70	70-80
No. of persons	12	18	35	42	50	45	20	8